Commentary: We have favored a larger correction to 1.0173 (former 4th wave) to unfold as wave iv of 3 before a drop to a new low in order to complete wave 3 and give way to a larger correction.
Given the corrective nature of the advance from .9936, it is possible that wave iv of 3 is close to complete (or already complete), so a drop to a new low may happen in the next few days. There is no reason to get bearish now though, as we still expect a drop to a new low to be fully retraced since the decline would complete wave 3 within the 5 wave bearish cycle from 1.0866. Strategy: Flat